MARCUS & MILLICHAP ARRANGES THE SALE OF A 37,548-SQUARE FOOT RETAIL PROPERTY
PEARLAND, Texas, August 18, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Pearland Corners Shopping Center, a 37,548-square foot retail property located in Pearland, Texas near its boundary with Friendswood, according to David H. Luther, First Vice President/District Manager of the firm’s Houston office. The asset had a listing price of $6,300,000.
Jerry Goldstein, Senior Managing Director Investments in Marcus & Millichap’s Houston office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Pearland Corners is on a signalized intersection at the Northwest Corner of Dixie Farm Road and FM 518 directly across from a WalMart Supercenter. It is in the southeast quadrant of the Houston MSA. Tenants include CiCi’s Pizza, Subway, Tutti Frutti, Sports Clips and Snap Fitness among others. The property is 86% occupied.
The marketing of the Pearland corners produced significant competition with over 10 offers generated. Buyers were geographically diverse and many offers were improved during the process responding to the desirability of the asset based on its reasonable rental structure, vacancy and location.
Pearland Corners Shopping Center physical address is 1635 East Broadway (FM 518) in Pearland, Texas.
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About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com